Are you planning to travel out of Nigeria for a vacation, education, or a more confidential reason but don’t have the funds to foot the bills? If ‘yes’, worry not, as there are several travel loan schemes in Nigeria that is readily available to make you achieve such trip. Most Nigerians always want to spend their work leave in a conducive environment within the country, while others prefer travelling abroad to staying at home. Before we continue, you can check out the list of federal goverment free-interest loans.
Although travelling abroad (eg. Bahamas) is quite expensive but it can be achieved using a travel loan scheme, as the scheme helps to settle all the bills.
So, we will unveil all you need to know about travel loan, and how it works in Nigeria. All you ought to do is to explore through.
What are travel loans?
Travel loans as the name implies are loans given for a particular trip/journey one decided to embark on. In most cases, not minor journey as it involves travelling with flights, and other expensive movements that has to do with outside locations.
This means that one can travel to any location with the aid of a travel loan, and pay back over time.
In Nigeria, the required qualification to access a travel loan varies based on the different financial institutions that offers it. Therefore, one needs to ascertain the various Schemes/financial institutions before opting in.
What travel loan in Nigeria covers
Like earlier explained, travel loan varies based on the different financial institutions in the country. But the major coverage of travel loans in Nigeria are;
- Airline ticket,
- Pickup at the airport and transfer,
- Tours and events,
- Hotel reservation (Lodge).
From the above coverage, one can easily say travel loans covers both the cost of transportation and vacation cost.
Minimum requirements to obtain travel loan in Nigeria
Undermining the fact that there are various financial institutions that offers travel loans, they all share similar requirements which includes;
- Your bank account details must be presented to the financial institution. And when the loan is being given by a commercial bank, you must have your salary account domiciled with the bank.
- There must be trace of your previous months salary in the given account. (This will enable them ascertain how active your account is).
How to apply for travel loans in Nigeria
Interested applicants are to apply via financial institutions by;
1) Creating an account in their official webpage (Most of these institutions have a well built mobile application that makes the process more easier).
2) Initiate a loan request by scrolling down to their travel advance tab.
3) Input all necessary information about yourself.
4) Provide your bank account details just as demanded.
5) Follow up with the confirmation process which will be done through your bank.
Although, most financial institutions provide travel loans based on the applicants’ financial status. Meaning, the higher your income the higher the loan package you are entitled to.
There is always interest attached to it, just that the rate varies for the several financial institutions that provides such loans in Nigeria.
With the help of travel loans, one can easily ease any unwanted burden that is attached to a particular trip.
Note: Majority of persons that doesn’t face stress while applying for travel loans are those with good debt repayment history, and also has better financial record.